By 2020, millennial workers will make up 50 percent of the global workforce. By 2025, they’ll make up 75 percent.
In Utah, millennial workers are plentiful, and it’s a portion of the population that’s only expected to grow. After all, Utah is America’s youngest state. The average age is 29.9, while the national average age is 37.4.
If you’re a Utah business owner, you need to know what you can do to retain workers from the millennial generation. It starts with understanding exactly what these workers are looking for. The answers may surprise you.
Opportunity Beats Pay
According to a global survey conducted by PricewaterhouseCoopers, the characteristic that millennials consider the most important in an employer is the opportunity for career progression. Fifty-two percent of survey respondents stated that this was the defining factor in an attractive employer.
Forty-four percent cited competitive wages as the most important, and 35 percent stated that training and development was the most vital. But overall, most millennials are primarily focused on achieving their career goals and realizing their ambitions.
Another surprising characteristic of millennial workers is how they view employer benefits. Or maybe it’s not so surprising considering they are the most educated generation in history. The top benefit millennials want from their employer is training and development. Twenty-two percent cited this as the benefit they would value most.
Flexible work hours came in second place at 19 percent, and cash bonuses ranked third, with 14 percent preferring this benefit most.
Work Life Balance Is Crucial
It’s not enough to promise a work-life balance — employers have to deliver. Ninety-five percent of millennials consider this an important factor when selecting a position, and 70 percent consider it very important.
Sometimes millennials are disappointed with how their employers come through on this front. Twenty-eight percent of millennials say that the work-life balance was worse than they expected it to be.
Community Care Is Essential
Even though 71 percent of American adults think millennials are “selfish,” it’s not always the case. Many millennial workers are proving the stereotype wrong. For example, a 2010 Pew Research study found that more millennials valued helping others over achieving a high-paying career.
Using company time and allowing for planning time to organize community service outreach can draw in millennial workers and give them a sense of satisfaction and purpose.
Wondering how you can flesh out your benefits package to appeal to millennial workers?
You can start by analyzing your benefits package and addressing the areas that are lacking. For employee benefits administration assistance, contact WTA, Inc. today. An expert PEO service provider can help you save money to put toward the benefits that matter most to millennial workers.